Standard Bank returns to SA

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South Africa’s biggest bank Standard Bank said it would move its international headquarters from London to Johannesburg yesterday as it reported an 11 per cent rise in earnings in the first half of the year, to 6.5bn rand (£558m).

Standard Bank said the move would save it $75m per year to manage its non-African business. Chief executive Jacko Maree said London’s “capital base is too big and the costs are too high”. But he said the bank would retain a legal base in London to grow its corporate and investment banking business.